| STANDARD BASE RATE LOANS |
Maximum loan 75% of value, secured on wholly residential property, subject
to confirmation of status, with no adverse credit history.
|
| REMORTGAGES |
Replacement of existing secured loans plus additional borrowing for any
purpose considered.
|
| MAXIMUM % ADVANCE |
Repayment and interest only loans up to £350,000 - 75%,
Over £350,000 by agreement up to 70%.
|
| LIFE COVER |
No
requirement for repayment loans and interest only loans.
|
| STATUS |
Satisfactory proof of identify and residence and clear credit register
enquiry. Income, lender, landlord, and bank references as applicable.
Confirmed annual salary and half of
guaranteed overtime/bonus, accepted for employed applicants.
For self employed applicants and employed applicants who have more than
a 33% financial stake in a business, a copy of their latest HM Revenue & Customs Self
Assessment Return is required along with confirmation from HM Revenue & Customs that
the figures declared have been accepted without correction (HM Revenue & Customs form
SA310 – original needed).
Income self-certification not normally considered.
|
| INCOME MULTIPLES |
Confirmed annual salary plus half of regular bonuses/overtime accepted for
employed applicants, net profit accepted for self-employed. Any other financial
commitments will be deducted from the gross annual income.
For Loan to Value ratios up to 75% income
multiples are detailed in the link below.
For income multiples please click here
|
| AGE OF APPLICANT |
Minimum: 18
Maximum: 65.
|
| MORTGAGE TERM |
Minimum: 5 years
Maximum: 40 years
|
| PROPERTIES |
Residential
properties of standard construction in England and Wales, either freehold or leasehold
subject to a minimum of 70 years unexpired remaining on the lease at outset (80 years for
Lifetime Mortgage).
Where the property is a flat, we will require that a
lease is in place. We will not normally accept a flat for a mortgage when it is:
- Above a commercial premises
- Ex-local authority
- Above four storeys high
- Studio flat
- Freehold
For other queries for standard or non-standard
construction, or if you are not sure whether we will consider the type of property in
question, please contact our Customer Centre on 01372 744 155
|
| MINIMUM VALUE |
Residential:
please refer to our product summary.
|
| PROCESSING CHARGE |
Residential value:
£125,000 - £200,000 - £325.
£200,001 - £300,000 - £375.
£300,001 - £400,000 - £425.
£400,001 - £500,000 - £475.
£500,001 - £600,000 - £550.
£600,001 - £700,000 - £625.
£700,001 - £800,000 - £725.
£800,001 - £900,000 - £825.
£900,001 - £1,000,000 - £925.
Over £1,000,000 quoted on request.
The processing charge includes the
cost of the valuation for mortgage purposes and a £125 administration fee.
|
| MINIMUM LOAN |
Please
refer to our product summary.
|
| MAXIMUM ADVANCE |
75%
of the lower of purchase price or valuation. Discount purchases - 100%
of purchase price, subject to 75% maximum of valuation and the terms of the discount being
acceptable to the Society.
|
| CAPITAL REPAYMENTS AND REDEMPTION |
Early redemption of our Standard Terms Mortgage, in full or in part by
capital repayment, is allowed at any time, without notice or early repayment charge.
Other mortgage products will each have specific early redemption conditions. The
conditions will be stated in the product details sheet and in the mortgage offer.
All products except the Standard Variable Rate (SVR), are subject to change or
withdrawal without prior notice.
|
| RESIDENTIAL INVESTMENT LOANS |
Minimum vacant possession values: Please refer to our product summary.
Minimum loan: Please refer to our product summary.
Maximum advance: 75% of vacant possession value.
Rental must exceed 125% of the monthly interest payable.
All new build properties and multiple applications must be referred for
consideration. Before proceeding please contact our Customer Centre on 01372 747771
or email customer.centre@ncbs.co.uk
Cases outside normal lending criteria may be specially considered subject to a loading.
|
| FULLY AND PART COMMERCIAL LOANS |
Further information is available by selecting COMMERCIAL LENDING at the
top of this page. |
